Mumbai: Shares of Waaree Energies rose sharply by up to 12 percent on Thursday, January 22, after the company reported a strong financial performance for the December quarter (Q3 FY26) and gave positive guidance on future earnings. Investor confidence improved after management said it expects to exceed its full-year EBITDA guidance.
The strong results, combined with expansion progress and healthy demand visibility, helped the stock outperform the broader market.
Profit and revenue show solid growth
Waaree Energies reported a 26 percent rise in net profit on a quarter-on-quarter basis to Rs 1,062 crore in Q3 FY26. This compares with a profit of Rs 842 crore in the September quarter. Revenue from operations increased 24.7 percent to Rs 7,565 crore from Rs 6,065 crore in the previous quarter.
The company said higher production, better execution and improved scale supported the strong growth during the quarter.
EBITDA rises, margins improve
Operating performance also strengthened. EBITDA rose 37.2 percent sequentially to Rs 1,928 crore from Rs 1,405 crore in Q2 FY26. EBITDA margin improved to 25.5 percent from 23.2 percent, reflecting better operating efficiency and higher utilisation of manufacturing facilities.
Waaree said the December quarter marked its highest-ever quarterly solar module production, supported by new capacity additions.
Capacity expansion drives growth
During the quarter, Waaree commissioned several new manufacturing facilities. It added a 2.1 GW solar module plant at Chikhli and a 3 GW module facility at Samakhiali, both in Gujarat. The company also commissioned 3.05 GW of inverter manufacturing capacity at Sarodhi, Gujarat.
Management said these additions will help meet rising demand and support growth over the coming quarters.
One-time exceptional item reported
The company reported an exceptional item of Rs 300 crore related to liabilities arising from an ongoing investigation in the United States. Management clarified that this is a one-time item and does not affect the company’s core operating performance.
EBITDA guidance raised, capex plans continue
Looking ahead, Waaree said it expects to exceed its FY26 EBITDA guidance of Rs 5,500–6,000 crore, supported by strong execution and a healthy order pipeline.
As part of its long-term expansion strategy, the company raised Rs 1,000 crore to set up a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility. This investment is part of Waaree’s planned Rs 10,000 crore capital expenditure programme.
Disclaimer: This article is for informational purposes only and is not investment advice. Financial data is based on company disclosures. Readers should consult qualified advisors before making any investment decisions.
